Mahindra and Mahindra, a worthy stock to be in one's portfolio, had been consolidating for more than 6 months now.
Recently the script seemed to have broken out of the triangle pattern .
The AUTO sector per se is not performing well for the past few months. Results have been below estimates because of lockdown, and global semiconductor shortage could be some of the reasons.
The recent change in the company's logo and introduction of XUV700 could be considered positives for M&M.
Technically looks good to accumulate for the long term.
The 200-day SMA can act as a support at the current price level.
Short-term targets can be 835 and 885.
Being a large-cap company with a market cap of more than 90,000 crore rupees, M&M should be a safe bet.
Add to your watchlist and trade when the script moves up.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.